Latvia gets 200 million euros as part of European Recovery Fund

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On Friday, October 7, Finance Minister Jānis Reirs met with the Executive Vice President of the European Commission (EC) Valdis Dombrovskis to discuss the implementation of the Latvian Recovery Fund (RF) plan and a first payment received from the EC of EUR 201 million for the first nine implemented indicators of the AF plan inequality in the areas of mitigation, rule of law and digital transformation.

"Latvia is receiving the first payment from the Recovery Fund plan of 201 million euros. To receive payment, Latvia has implemented several reforms, including improved minimum income calculation methodology, improved infrastructure for broadband internet in regions and distance education, as well as eased regulatory requirements for the construction of rental housing. In the next stage, the emphasis will be placed on reforms and investments in the field of energy, ensuring energy independence and reducing emissions," said Dombrovskis, a former Latvian Finance Minister and Prime Minister himself.

"Right now it is essential not to slow down the pace adopted, the respective responsible ministries must be able to fulfill the next 49 reform measures specified in the Recovery Fund plan by the summer of next year, for the implementation of which Latvia plans to submit the largest financial payment request to the EC worth 503 million euros," said Reirs. 

EU requirements provide that the requested payment is credited to the budget of each country only on the condition that specific goals and indicators defined in the RF plan are met. In order to receive the entire available funding of 1.82 billion euros, Latvia needs to achieve a total of 214 goals and indicators by the end of August 2026, which are divided into 6 annual from the EC.

 

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